We report on two simultaneous XMM-Newton and INTEGRAL observations of the microquasar GRO J1655 - 40 during the 2005 outburst when the source was in its high-soft state . The 0.3–200 keV spectra are complex with an overall continuum which may be modeled using an absorbed blackbody together with a weak , steep , power-law component . In addition , there is evidence for the presence of both a relativistically broadened Fe K line and a highly photo-ionized absorber . The photo-ionized absorber is responsible for strong K absorption lines of Fe xxv and Fe xxvi in the EPIC pn spectra and blue-shifted ( v = -540 \pm 120 km s ^ { -1 } ) Ne x and Fe xxiv features in the RGS spectra . The parameters of the photo-ionized absorber were different during the two observations with the ionization parameter , \log ( \xi ) , decreasing from 3.60 \pm 0.04 to 3.30 \pm 0.04 erg cm s ^ { -1 } and the column density decreasing from ( 5.2 \pm 1.0 ) \times~ { } 10 ^ { 22 } atom cm ^ { -2 } to ( 1.5 \pm 1.0 ) \times~ { } 10 ^ { 22 } atom cm ^ { -2 } during the first and second observations as the 0.5–200 keV GRO J1655 - 40 luminosity decreased by around a half . At 90 % confidence the INTEGRAL data show no evidence of a break in the power-law component up to energies of 380 keV and 90 keV for the first and second observations , respectively .